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Beta Member

Square for Retail Plus: Unit cost not reflected on cogs report

When I run my cogs reports not all the unit costs are being reflected on the report yet when looking in the item library the unit costs are there.  How do I get the cogs report to reflect all my costs properly?

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Admin

Hey @Grassroots1!

 

Thanks for posting in the Seller Community and welcome 🎉

 

Have you sold any of the products yet? The COGs report won't show until the items are sold. 

 

Also, please note:

 

Depending on whether your stock intake is considered a receive or re-count, your Cost of Goods Sold report will be affected differently. Receiving stock will not have an effect on your Cost of Goods Sold (COGS). However, re-counts that adjust your stock up will credit your COGS (decrease), and re-counts that adjust your stock down, will debit your COGS (increase). If you’re only interested in seeing profit and profit margin for sold items (i.e. excluding re-counts), apply the Sales filter.

Isabelle she/her

Seller Community Manager, Square

Learn about the Super Seller program!
Message 2 of 7
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Beta Member

The cost of goods report only shows the items that I have actually sold, and I have several items where the unit cost remains blank.  But if you look in my item library and look up that item the unit cost is there.  I do have various variations where one item has a unit cost but the other two variations do not on the cogs report.  Most of my items are reflected properly but I probably have  about 10% of my items that are not properly reflected on my cogs report.  

 

I tried to add the items without unit cost through a purchase order hoping then maybe the unit cost would be reflected but that did not work.

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Admin

Did you happen to do an inventory recount for those items @Grassroots1?

Isabelle she/her

Seller Community Manager, Square

Learn about the Super Seller program!
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Beta Member

Yes I have done an inventory recount on those items.  

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Admin

Okay! Since your profit is determined by the price you pay for an item (unit cost) subtracted from the item’s sale value, you’ll need to make sure your inventory includes all applicable unit costs. Once you update, your Retail reports will reflect the new unit costs.

 

You can apply filters on your inventory History log to view stock intake with an associated unit cost, without a unit cost, or all historical adjustments. If you need to update inventory without an associated unit cost, apply the filter Missing Cost.

 

To identify missing unit costs for individual stock actions:

 

  1. Navigate to Items > Inventory Management in your online Square Dashboard.
  2. Click History.
  3. In the All Costs drop-down menu, select Missing Cost.

You can also bulk update unit costs associated with historical adjustments for items including a unit cost at the item variation level:

 

  1. Log into your item library in your online Square Dashboard to confirm each item variation has an associated unit cost.
  2. Once you’ve checked each item variation has an associated unit cost, head to the History tab.
  3. Select Resolve Unit Costs > Resolve Costs.

Keep in mind, you’re currently unable to update the unit costs for stock re-counts that deduct from your inventory levels. To update the unit cost for negative re-counts, locate the original positive stock adjustment in your History. Once you update the original stock intake, the unit cost will update for each subsequent adjustment.

 

For example:

 

Let’s say you accepted a purchase order or manually updated your stock for an item. You initially marked the unit cost as $15. Later, you manually reduced the item stock as a re-count. The negative re-count will show in your History, but to update the unit cost (say to $10), you’ll need to locate the original adjustment. After you update the original positive adjustment, the negative re-count will automatically reflect the new unit cost.

 

I hope this information helps @Grassroots1.

Isabelle she/her

Seller Community Manager, Square

Learn about the Super Seller program!
Message 6 of 7
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Hi Isabelle,

 

All I am interested in is a live profit report on items sold on the day, I am not interested in stock levels. However filtering the report to just sales makes no difference whatsoever. Please can you advise how I can get a simple profit report?

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